Dear Stakeholders,

We are pleased to share the 2025 Sustainability Report, which retraces the main themes and meanings of a year marked by a clear growth trajectory, precisely and with perspective. The Almaviva Group has grown not only in terms of size — in particular with the acquisition of the Brazilian IT company, TIVIT, and the consolidation of our presence in Latin America — but in the very way in which we interpret our role. We have gone from being leaders in Italy’s digital transformation to a global technology platform capable of generating shared value along the entire chain: the environment, people, governance, and responsible innovation. This is the continuation of our commitment to sustain lasting growth, which is capable of producing tangible results in environmental, social and economic contexts.

This evolution took place throughout 2025, during a time of profound transformation marked by geopolitical instability and fragmentation, volatility, and rapid market changes, and by an acceleration of generative Artificial Intelligence that is quickly redefining the terms and conditions of technological competitiveness.

Thanks to a long-term strategy, the Group has been able to transform the complexity of the international scenario into a strategic strengthening factor, by leveraging the strength of our industrial model and ardently pursuing the goal of leading the digital transition through investments in technological sovereignty, international resilience and innovation capacity. Our deep conviction is that digital transformation is both a lever of competitiveness and an enabling factor for sustainable development.

The solidity of the path taken is confirmed by the results achieved during the year: significant growth in turnover and a further strengthening of operating margins, international expansion that now allows the Group to operate in 21 countries worldwide, and an increasingly structured contribution to achieving the UN Sustainable Development Goals, which continue to guide the Group's industrial choices.

Our performance has been driven by the consolidation and development of mission critical systems in the main sectors in which we operate globally and by expansion in strategic areas, such as Smart Cities and Environmental Sustainability, leveraging Italy's cultural, scientific and industrial heritage. We have demonstrated how technology can break down physical and cultural barriers, thus bringing the value and quality of “Made in Italy” to the world.

Our international presence was further strengthened with the acquisition of TIVIT, one of the leading technology companies in Latin America, which consolidates the Group's position as the second largest IT operator in Brazil and significantly expands its technology offering and global reach.

We have also enjoyed organic growth at the international level and developed synergies between the various companies of the Group.

On the technology front, the Group continued to develop proprietary assets by consolidating Velvet, a family of open-source, multilingual Artificial Intelligence models, designed and built in Italy, as part of the new Global AI department, to oversee investments in assets and development activities involving artificial Intelligence technologies.

Alongside these developments, the Group has participated in important European initiatives, such as the development of the infrastructure for the digital euro, a concrete sign of Almaviva's contribution to European technological sovereignty. At the same time, the delisting process of Almawave S.p.A. was completed. Almaviva S.p.A. launched a voluntary tender offer on all the ordinary shares: a strategic choice aimed at integrating and concentrating know-how, resources and skills on accelerating the Group’s artificial intelligence capabilities, which has strengthened Almaviva's role as a national reference point and major player in the European AI landscape.

The year 2025 saw further development of products and services for the benefit of the environmental sustainability of our customers and the communities in which we operate. We also conducted the Group's first climate risk analysis in Italy, which laid the foundation for an increasingly structured and informed management of the effects of climate change.

This analysis is the first step towards extending this assessment to the Group’s entire international scope, in line with our commitment to a sustainable transition.

In the area of governance, the Group became the second company in the world to receive DNV's ESG Recognition. This acknowledgement is intended for companies that stand out for their use of certified management systems, which shows that the Group operates according to multiple ISO standards covering many aspects of business such as quality, information security, anti-corruption, and business continuity. This organizational model confirms the solidity of our oversight framework and the consistency of our ESG commitment over time.

In addition, we obtained Platinum certification from EcoVadis, which testifies to the Group's excellence in environmental aspects, labor practices, human rights, ethics and sustainable procurement. This award represents the highest level of recognition by EcoVadis and confirms Almaviva's cross-functional commitment to comprehensive sustainability.

Finally, for the second year in a row, we have been recognized as one of the best companies in Europe for Diversity & Inclusion by the Financial Times and Statista.

The achievements represent a milestone in a broader journey, as we look confidently toward future opportunities and challenges. In this perspective, ESG objectives continue to guide the Group's strategic choices through the four guidelines of the Sustainability Plan – Governance, People, Environment and Responsible Digital Transition – broken down into measurable short- and medium- to long-term targets, which are constantly updated to remain coherent with the evolution of the context and the Group’s organizational scope.

The journey we have taken to date has been possible, ultimately, thanks to the contribution of each of our stakeholders. We value the dedication of our people, the renewed trust of our customers, the collaboration of partners, and the continuous dialogue with our local communities. We would like to express our heartfelt thanks to everyone. In this spirit, the Almaviva Group looks to the next financial year with the determination to continue this path toward growth, continuing to combine innovation, sustainability and long-term value creation.